Sienna Raises $4.6m From IPO

31-Jul-2017

Highlights:

• Sienna raised $4.6 million, adding approximately 470 new shareholders to the Company’s share register
• Sienna is the first company to develop an In-Vitro Diagnostic product (IVD) for the detection of telomerase in human clinical samples, currently being used in the application of bladder cancer as an adjunct to urine cytology
• Its product has IVD registration in the USA, CE Mark and IVD registration in Europe, and TGA registration in Australia. Commercial sales have already commenced in the USA
• Funds raised will be used to drive sales and marketing activities for the current product, expand into new global markets, advance the development of additional clinical applications, and pursue new technologies for the product pipeline
• Sienna expects shares to begin trading on the Australian Securities Exchange (ASX) on 3 August 2017, under the ticker code SDX

Sienna Cancer Diagnostics, a commercial stage, medical technology company focussed on the development and commercialisation of innovative cancer-related tests, has announced the successful completion of its IPO.

Sienna has raised $4.6 million from a combination of retail and institutional investors. The funds raised are expected to allow the Company to grow existing revenues and execute the strategies described in the prospectus.

Matthew Hoskin, CEO of Sienna Cancer Diagnostics said, “We are delighted to commence trading on the ASX as a publicly listed company. Sienna has entered an exciting phase, having successfully developed and launched our first product. Commercial sales of the product have commenced, substantially reducing the risk profile of Sienna for investors. The funds raised through the IPO allow Sienna to focus on the implementation of the company’s growth strategies.”

Sienna will issue approximately 23 million shares as a result of the IPO. The offer was priced at A$0.20/share, with an indicative market capitalisation of approximately $36 million.